Lesson_09 - Printable Lesson Materials Print these...

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Printable Lesson Materials 13218 NE 20th Street Bellevue, WA 98005 425-747-7272 800-221-9347 www.rockwellinstitute.com Print these materials as a study guide This portion of your printable materials consists of dozens of frames that summarize the content in this lesson. The frames are arranged on the page to make it easy for you to study the material and add your own notes from your textbook or the online course. Graphic Summaries Many students learn best from sets of questions, and this multiple choice quiz allows you to focus your review of the material to important topics. Quizzes These printable materials allow you to study away from your computer, which many students find beneficial. These materials consist of two parts: graphic summaries of the content and a multiple choice quiz . © 2009 Rockwell Institute
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1 California Real Estate Law © Copyright 2007 Rockwel Publishing, Inc. Lesson 9: Real Estate Contract Law © Copyright 2007 Rockwel Publishing, Inc. Introduction This lesson will discuss: l general contract law l listing agreements l buyer representation agreements l purchase agreements l option contracts l land contracts l leases © Copyright 2007 Rockwel Publishing, Inc. General Contract Law Contract : agreement between two or more persons to do or not do a certain thing, for consideration If created correctly, contract is: l legally binding l enforceable in court
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2 © Copyright 2007 Rockwel Publishing, Inc. General Contract Law From legal standpoint, contract classified as: l void l voidable l unenforceable l valid Legal status of contract © Copyright 2007 Rockwel Publishing, Inc. General Contract Law Void contract : has no legal effect l can’t be enforced by either party l parties may disregard Legal status of contract © Copyright 2007 Rockwel Publishing, Inc. General Contract Law Voidable contract : one party has power to rescind l usually because party was forced into contract or was taken advantage of l party must rescind within reasonable time — otherwise contract is valid Rescind : terminate Legal status of contract
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3 © Copyright 2007 Rockwel Publishing, Inc. General Contract Law Unenforceable contract : may have all required contract elements, but still can’t be enforced l contents can’t be proved l deadline for enforcing has passed Legal status of contract © Copyright 2007 Rockwel Publishing, Inc. General Contract Law Valid contract : can be enforced by either party l contains all required elements Legal status of contract Summary © Copyright 2007 Rockwel Publishing, Inc. Legal Status of Contract l Void l Voidable l Unenforceable l Valid
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4 © Copyright 2007 Rockwel Publishing, Inc. General Contract Law Four elements required for valid contract: l legal capacity l mutual consent l lawful objective l consideration In addition, certain contracts (including most real estate contracts) must be in writing. Elements of a valid contract
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This note was uploaded on 01/29/2012 for the course REAL 10 taught by Professor Murford during the Spring '11 term at Chabot College.

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Lesson_09 - Printable Lesson Materials Print these...

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